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Financing & Insuring

Financing & Insuring

What Down Payment is Needed for an FHA Loan?

November 3, 2017
Couple discussing FHA loan down payment with loan officer

Insured by the Federal Housing Administration (FHA), FHA loans are an attractive option for first-time and repeat homebuyers, as well as those interested in refinancing their current home loan. Many factors contribute to the popularity of FHA loans—chief among them being a lower down payment requirement (as low as just 3.5%), compared to as much as 20% with other loan types. How much savings could that 3.5% down mean for you? Let’s use an example house sale. If you’re an entry-level buyer scrimping and saving…

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Financing & Insuring

When to Refinance a Home Loan

September 8, 2017
Couple reviewing refinancing documents

With interest rates at attractive lows, it might seem like a great time to refinance your mortgage loan—a process that involves paying off your current home loan with a new loan, resulting in new principal and interest payments (the P and the I in PITI) that could save you money, among other things. But how do you know if it’s a good time to refinance? Following are four instances when it might make sense to refinance your home loan: You want a lower interest rate.…

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Financing & Insuring

What Can a Loan Officer Do for You?

April 18, 2017
Couple meeting with loan officer

Loan officers work to help prospective borrowers obtain home loans (a.k.a. mortgages). But there’s more to the position than meets the eye. A lender’s loan officers assist borrowers through the mortgage lending process. They are skilled at evaluating a homebuyer’s creditworthiness (the degree to which he or she is considered likely to repay a loan), and are well-versed on the many different types of loans available in today’s market. If you are considering buying a new home, you can meet with a loan officer to…

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Financing & Insuring

New Home Loan Limits For 2017

January 3, 2017
New 2017 Home Loan Limits

Wondering about financing a new home in 2017? Good news! Home loan limits have increased in the new year for several areas across the country. That means more homes may qualify for a greater variety of loans—potentially offering you more ways to finance your dream home! While not all areas experienced increases, it’s certainly worth checking to see if your county got a boost. Here’s a breakdown of the recent changes by loan type. Conventional loans Conventional loan limits at many Richmond American communities saw increases…

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Financing & Insuring

Should I Lock in My Interest Rate?

November 25, 2016

Should I lock in my interest rate today? Many people ask their loan officers, “When should I lock in my rate?” There’s no easy answer. It’s a little like asking when you should sell your stock or which mutual fund will perform better. It all depends on the market and your individual situation. Are you a well-qualified buyer? If you believe that rates are going to stabilize or improve, it might make sense to wait to lock in your interest rate. However, less qualified buyers…

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